The Canadian dollar was slightly lower late morning Thursday as the International Monetary Fund warned the domestic economy will slow alongside the global economy this year.
The loonie was down 0.11 of a cent to 93.09 cents US as the IMF said economies around the world are taking longer than expected to recover.
Its latest economic outlook predicts global growth will be about three-tenths of a point lower at 3.4 per cent this year than it thought in April.
Canada’s economy is now expected to expand by 2.2 per cent this year, one-tenth of a point slower than previously thought and in line with the Bank of Canada’s latest forecast.
The dollar had earlier registered a small gain amid rising metal prices and strong manufacturing reports from China and Europe.
via Edmonton Journal
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.